This competition aims to select suitable organisations to partner with Innovate UK.
Together we will:
- support innovation in UK small or medium sized enterprises (SMEs)
- increase the capacity of regional angel investor networks to invest in innovative SMEs
The selected angel investor partners (AIPs) will distribute grant funding for innovative research and development (R&D) projects to SMEs. This will be alongside investment from angels and other similar early stage investors.
This competition will identify 2 angel investor partners (AIPs) who will:
- each be based in a geographical region where angel investment in innovative SMEs requires extra support
- receive an allocation of £1 million to distribute as grants to SMEs alongside equity investment
Once selected, each AIP will work over 2 years with regional angel investors to:
- identify innovative SMEs that the AIP’s angel investors expect to invest in
- fund those SMEs to enable them to carry out research and development projects and grow using both grant and equity funding
- support R&D projects assessed as suitable by Innovate UK, with costs of between £40,000 and £300,000, and with up to 50% of the eligible project costs funded by the Innovate UK grant